today announced it has entered into a preferred share subscription agreement with Daci Haojin Foundation Limited ("Daci Haojin"), the Company will issue 15 million preferred shares to Daci Haojin at USD $3.00 per share resulting in an aggregate financing of USD $45 million of gross proceed to the Company. --------------------------------------------------------- The first installment for an aggregate amount of $13,500,000 is expected to occur on July 31, 2020, and two subsequent installments of $13,500,000 and $18,000,000 each are expected to occur on August 31, 2020 and September 30, 2020, respectively. ----------------------------------------------------------- Twelve (12) months after Daci Haojin completes the payment of the consideration of the subscription, --------------------------------------------------------- Daci Haojin's preferred shares will automatically converts into the Company's ordinary shares at a 1:1 ratio. ----------------------------------------------------------- Prior to the conversion of ordinary shares, Daci Haojin entitles the right of a fixed dividend of 8% per year (a total of one year).